DrinkPrime, a Bengaluru-based water purifier startup, raised INR 21 Cr in a Pre-Series A round from Omidyar Network India and Sequoia Surge on Tuesday (August 18, 2020). The funds will be used to strengthen its team and invest in its growth plans.
Founded by Vijender Reddy Muthyala and Manas Ranjan Hota in 2015, DrinkPrime aims to use technology to make drinking water affordable without the hassle of installation or periodic maintenance, while ensuring high-quality drinking water. Its service is currently operational in Bengaluru and the company plans to use the funds to expand to the top ten Indian cities and expand its product portfolio.
The cleantech startup creates smart water purifiers, leveraging Internet of Things (IoT) technology and a seven-stage filtration process to give its customers access to clean drinking water on tap.
The integrated technology also helps them monitor the quality of the water they consume every day. The startup offers a ‘subscribe-to-use’ model to ensure the consumers do not have to bear high upfront costs.
“We are currently operating in Bengaluru and looking to expand to multiple geographies this year. Now with a much more robust product, our customers’ love for DrinkPrime is pushing us to grow rapidly,” said Vijender Reddy Muthyala, CEO and cofounder of Drink Prime in a statement.
Muthyala also added that they aim to reach a million households in the next couple of years. Additionally, the startup also aims to work towards curbing the death of children from diarrhea or any water-borne diseases.
“Clean drinking water is a basic right and yet an unsolved problem for millions of Indian households. We believe that DrinkPrime’s innovative direct-to-consumer business model, which makes quality drinking water more affordable, will help improve the lives of India’s next half billion, that is those belonging to the lower 60 % of India’s economic distribution,” said Badri Pillapakkam, investment partner, Omidyar Network India in a statement.
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Author: Shanthi S
Source : https://inc42.com/buzz/drinkprime-raises-inr-21-cr-from-omidyar-network-india-sequoia-surge/
Date : 2020-08-18T12:21:17.000Z